Starting a New Business

If you are thinking of starting your own business why not contact us to discuss your plans. The earlier you start working with an experienced accountant the more likely you are to avoid the mistakes and problems common to new businesses.

 

 

For a free initial meeting to discuss how we can help you contact us online or call us on T: 023 9248 4356T: 023 9248 4356


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Services for new businesses

Starting a business can be exciting. However, it’s vital to get the right advice to ensure you can manage the legal, regulatory and financial challenges from the beginning.

We can provide start-up advice and guidance on:

  • Your business plan based on realistic information – Many startups fail because assumptions have been over-optimistic.  We can help balance your expectations with our experience of helping new businesses and knowledge of current market conditions. You might find our factsheet on how to build an effective business plan helpful.
  • Forecasting is an essential part of creating your plan - You will need to be aware of the various costs involved in setting up and growing your business and the best time to buy equipment from a tax point of view.  This is where it helps to have someone on side to give practical advice in this area.
  • Structuring your new business – Should you run your business as a sole trader, partnership or through a limited company? There are pros and cons to each depending on your situation.  We can explain the differences so you make the right choice. Please see our factsheet on business structures.
  • Company registration if you decide to set up as a limited company,  From registering your new business and director(s) details with Companies House to providing a registered office address facility from our Havant office if required, our company secretarial service will ensure you meet your legal obligations. Please see our Company Secretarial page for more details.
  • Raising finance – There are many sources of finance available to new businesses in the form of government grants, start up loans, equity finance, enterprise investment to name a few. Through our connections with banks and third parties we can explore these with you. Our factsheet on sourcing business finance has more information.
  • Taxation – From registering your self employed status with HMRC to helping you prepare your first tax return and paying National Insurance, we will advise on the best systems to keep your financial records together and what expenses you can claim. Please see our self-assessment page for more details.
  • Software set up and training - You might manage at the start with a basic spreadsheet but as your business grows and time becomes precious a cloud-based accounting system delivers many benefits. We offer two popular packages, Xero and QuickbooksOnline, and provide set up, training and support.
  • Buying a new business – If you are looking to buy rather than start from scratch, we can perform due diligence to make sure the asking price is fair and the financial records are sound.  We can also recommend solicitors who specialise in this area.
  • Hobby turned income - often referred to as a side hustle, this can be any commercially viable endeavour which you can get paid for, in addition to your main job. The practice really took off during the COVID-19 pandemic among those furloughed or looking to make ends meet. Find out more in our guide "How to turn a side hustle into your dream job" then speak to us for business advice.
  • Should you niche? - It might seem safest to stick to tried and tested methods when you're starting a new venture, but when you have an abundance of businesses offering the same service, it's hard to compete. Our guide explains how to target a niche market to stand out from the crowd.

Our services for new businesses are designed to give you the best possible start.  If you have a business idea and would like to talk to someone to see how it could work, why not give us a call on 023 9248 4356 or email using the enquiry form opposite.

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What our clients say...

Morris Crocker has to be the leading accountancy firm for primary Care Finance. They are a one stop shop for financial services; They provide a professional honest and reliable service. They know everything we need to know and guide and advise us through the complex pathways of primary care finance whether you are a PMS practice or GMS practice. As a Practice Manager I rely heavily on their knowledge base and have an excellent working relationship with Wendy Willatts who is our designated accountant and Stuart Cann whose knowledge of financial software packages is phenomenal. They take away the stress and worry of the complex issues that primary care finance brings to every practice - you are safe in their hands.

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